Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

5.3.3 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

(Financial year ended 30 September 2021) To the Shareholders’ Meeting, Opinion Under the terms of the mission entrusted to us by your Shareholders’ Meetings, we have performed an audit of the consolidated financial statements of Compagnie des Alpes for the financial year ended 30 September 2021, such as they are attached to this report. We certify that the consolidated financial statements, as per the IFRS standards adopted in the European Union, give a true and fair view of the operating performance over the past financial year, as well as of the financial position and assets and liabilities, at the end of the financial year, of the group composed of consolidated persons and entities. The opinion expressed above is consistent with the content of our report to the Audit and Finance Committee. Basis for our opinion Audit guidelines We have carried out our audit in accordance with the professional standards applicable in France. We feel that the audit evidence we collected provides a sufficient and adequate basis for our opinion. The responsibilities incumbents upon us pursuant to these standards are specified in the part “Responsibilities of the Statutory Auditors relative to the audit of the consolidated financial statements” in the present report. Independence We have carried out our audit in compliance with the independence rules provided for in the French Commercial Code and the French Code of Ethics for Statutory Auditors, during the period from 1 October 2020 to the date of our report, and in particular we have not provided services prohibited under Article 5, paragraph 1, of Regulation (EU) No. 537/2014. Justification of our assessments – Key points of the audit The global crisis in relation to the Covid-19 pandemic creates special conditions for the preparation and auditing of the financial statements for this fiscal year. This crisis and the exceptional measures taken as part of the health emergency are having multiple consequences for companies, particularly as regards their activity and financing, as well as increased uncertainty about their future outlook. Some of these measures, such as travel restrictions and teleworking, have also had an impact on the internal organisation of companies and the way in which audits are carried out. It is in this complex and evolving context that, pursuant to the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, we bring to your attention the key points of the audit relating to the risks of material misstatement which, in our professional judgement, were the most important for the audit of the consolidated financial statements for the financial year, as well as the responses we have provided to these risks. These assessments were made as part of the consolidated financial statements taken as a whole and the formation of our opinion expressed above. We express no opinion on elements of these consolidated financial statements taken in isolation. Impairment testing of intangible assets, property, plant and equipment, and IFRS 16 right-of-use assets Risk identified At 30 September 2021, the net value of intangible assets and property, plant and equipment stood at €1,602 million, compared with a balance sheet total of €2,246 million. These assets consist of goodwill (€223 million), intangible assets (€83 million), property, plant and equipment (€1,141 million) and rights of use of IFRS 16 assets (€155 million). As indicated in Note 1.15 “Impairment of assets” to the consolidated financial statements, the recoverable amount of these assets is tested by Management as soon as events or changes in the market environment or internal factors indicate a risk of long-term loss of value and at least once a year for assets with an indefinite useful life. The financial year ended 30 September 2021 was marked, on the one hand, by long periods of closure imposed by the health crisis and, on the other hand, by a dynamic recovery of the Leisure parks’ activity in the summer. To determine the recoverable amount of these assets, the main assumptions and methodology used in impairment testing are detailed in Notes 1.15 and 6.1 to the consolidated financial statements. As indicated in Note 1.15, impairment tests are carried out at the level of groups of cash-generating units (CGUs) comprising the two operating segments: Ski areas and Leisure parks. Note 6.1 states that these impairment tests led to the recognition, over the financial year, of €55.2 million in goodwill impairment for the Leisure parks CGU group.

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Compagnie des Alpes I 2021 Universal registration document